According to recent analysis, the mobile phone accessories market is projected to surpass a valuation of US$ 196.14 billion by 2034, with a steady Compound Annual Growth Rate (CAGR) of 6.5% over the forecast period. Currently valued at US$ 104.5 billion in 2024, the market is poised for consistent growth fueled by shifting consumer preferences and advancements in mobile technology. The rising dependence on smartphones and the increasing demand for related accessories are key drivers of this upward trend, presenting lucrative opportunities for manufacturers and retailers to tap into emerging market trends.
78% of all sales in North America are still made in the United States. While China will still be the region’s biggest market, demand is expected to increase significantly in South Korea and Japan.
The survey claims that a protective case, headphones or earbuds, a charger, a battery, a memory card, a power bank, a portable speaker, and “others” are the most popular mobile phone accessories on the market.
Protective cases are currently in high demand among these items, and in 2021, this market segment will make up one-fifth of the entire market. During the projected period of 2021–2025, FMI anticipates a continued robust demand for protective cases.
Inability of modern-day smartphone batteries to withstand heavy usage has led to robust demand for power banks. Owing to stellar demand, power bank segment is expected to gain 230 BPS during the forecast period, and increase its market share from 10% in 2014 to 12.3% in 2025. Power bank segment is also expected to witness the highest CAGR, growing at 9% between 2015-2025.
The key factors that are driving the global mobile phone accessories market include rising smartphone ownership and mushrooming of multi-brand distributors and retailers.
Smartphone sales are buoyant in emerging economies, such as China, India, Brazil, and Indonesia. Smartphone shipments increased from 1.1 Bn units in 2013 to 1.2 Bn units in 2014. Around 45% of these 1.2 Billion units were shipped to China. FMI expects the rising smartphone ownership to create secondary demand for products that are not usually included in the box, such as power banks and protective cases.
In addition to multination brands, the smartphone segment in emerging nations also includes regional players, such as Xiaomi and Micromax. FMI’s analysis revealed that compared to multinational brands, these local players offer fewer mobile accessories in their offerings in a bid to keep the prices competitive. Owing to this, a majority of consumers buy mobile accessories from the local market or from e-commerce sites. Increase in the sales of smartphones made by local manufacturers is expected to provide an impetus to the mobile phone accessories market during the forecast period.
The emergence of multi-brand distributors and retailers has allowed manufacturers of mobile phone accessories to reach a wider audience. Additionally, the selling of mobile phone accessories through online retailers is boosting the market’s expansion on a global scale. During the projection period, FMI anticipates that both multi-brand stores and e-commerce stores would grow, which is projected to boost the global market for mobile phone accessories.
Few reasons can impede the expansion throughout the projection period, despite the fact that FMI continues to have a favourable outlook on the global market for mobile phone accessories.
Lack of stringent checks on pirated accessories is eating into the revenue share of key stakeholders in the market. Pirated mobile accessories are offered at a fraction of the price of original products, making it difficult for manufacturers to compete with them.
Currently, there exists a lack of standardization in technology and components used for manufacturing mobile accessories. Undefined standards in the market lead to high product and price differentiation, this may hinder growth of the mobile accessories market to some extent.
The key trends analysed by FMI in the global mobile phone accessories market include growing demand in Asia and spate of mergers and acquisitions. Diversification of product portfolio and product advancement are the other major trends in the global mobile phone accessories market.
Competitive Landscape
The mobile phone accessories business is highly competitive, with significant firms contending for market share and consumer loyalty. Leading industry players, including established brands and unconventional startups, are always strategizing to obtain a competitive advantage. Technological breakthroughs, product innovation, brand recognition, and efficient marketing methods all have an impact on market trends.
Recent Developments
In September 2023, TORRAS, the award-winning accessories company, showcased new inventions at IFA 2023 with a collection of kickstand phone covers.
In March 2023, NOPE launched a diverse product line aimed at youthful and dynamic audiophiles. This comprises neckbands, TWS earphones (Echo, Neo, Buddy, and Shots), and Bluetooth speakers (‘Boom’ and ‘Buzz’). These models have Type C fast charging, Google Assistant and Siri compatibility, touch control, and 13 mm drivers.
Key Players in the Mobile Phone Accessories Market
- Apple Inc.
- Samsung Electronics Co., Ltd.
- Xiaomi Corporation
- Huawei Technologies Co., Ltd.
- Sony Corporation
- Anker Innovations
- JBL (a division of Harman International Industries)
- Belkin International
- Logitech International S.A.
- Sennheiser Electronic GmbH & Co. KG
- Bose Corporation
- Plantronics, Inc. (now Poly)
- Otter Products, LLC (OtterBox)
- Incipio LLC
- Spigen Inc.
Market Segmentation:
By Product Type:
- Power Banks
- Batteries
- Chargers
- Wired
- Wireless
- Protective Cases & Covers
- Headsets
- Portable Speakers
- Memory Cards
- Data Cables
- Mount & Stands
- Selfie Stick
- Others (Stylus Pen)
By Packaging Type:
- Folding Cartons
- Clear View Boxes
- Pouches & Bags
- Clamshells
- Blister Packs
- Trays
By Sales Category:
- By Brands
- By 3rd Parties
- By White Labels/No Name Brands
By Price Range:
- Premium (Above US$ 50)
- Mid (US$ 20 to US$ 50)
- Low (Below US$20)
By Sales Channel:
- Retail Outlets (Multi-Brand Outlets)
- Electronic Stores
- Franchise Outlets
- Exclusive Stores (Branded Stores)
- E-Commerce
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Japan
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube